You are here

Reliance on tax breaks hits Puerto Rico economy

But the entrepreneurial spirit in the US territory lives on despite its descent into the largest municipal debt crisis in American history

Puerto Rico's long-standing economic policies tend to favour outside corporations over local upstarts, and a dysfunctional local bureaucracy further undermines business formation. The island's universities are just now learning to teach business students how to start ventures after decades of training them for middle management.

Arecibo, Puerto Rico

PRUDO Jimenez was born on a sugar farm here in 1941, when agriculture ruled Puerto Rico's economy. He grew up to be a supervisor for drug maker Syntex in the 1960s, after US manufacturers came in droves, seeking a tax haven.

The peppy 75-year-old personifies an...

Market voices on: